Set a budget and stick to it
2019 brings a new year and with it comes new resolutions. Before you can set any financial goals, first of all, it’s essential to identify what exactly they are and what benefit they will bring you. Perhaps you want to buy a new car, a new home, or pursue a course of study? A budget must be set, otherwise, it’s too easy to get carried away in the excitement.
There are a number of apps which will allow you to track your spending each month. You can easily see from the results what unnecessary costs you can bin, and you will be able to ascertain if you are frittering cash away on items you don’t need.
A check on your credit report is a good way to begin. Tackle any debts, credit card balances or overdrafts and dispute any listings on the report that appear incorrect.
Make a resolution to have a no-spend day or weekend each month. Ensure no money leaves your purse or bank account and that way you won’t be tempted by coffee shops, takeaways and store bargains.
Ditch the gym membership and aim to get in shape by copying exercise videos online, or even running, or walking and hiking in local beauty spots.
It’s the time of year when you feel motivated
Speed up your debt pay-offs using any money saved, and this can reduce payments. It’s an ideal element to pack into your new year resolution as this is the time of year when you are feeling motivated and fresh. For those looking for professional help and an independent financial advisor Wroughton based advisors can assist in tidying up your finances. https://chilvester.co.uk/ provides professional independent financial advice to individuals and small businesses.
According to Yahoo more Americans are taking financial planning seriously, states Fidelity Investments’ tenth annual New Year Financial Resolutions Study.
It’s easy to get carried away by subscribing to entertainment packages. If you want to reduce outgoings, consider replacing an expensive television package with cheaper options like Netflix or Amazon Prime or even buy a digital antenna.
Finally, aim to save money by carrying out preventive home maintenance, re-evaluating your investment portfolio and making an appointment with your financial advisor. You can also sharpen up your knowledge by subscribing to a finance podcast.